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HomeMy WebLinkAbout2747 11. R, 81~::K 20 ~^Gf640 under (b) of paragraph 2 preceding shan,~ Plt'''N''i~t1to pay ground renta, taxes and aaaeaaments and inaurance premiums, as the case may be, wh~rlUie Mitne shaH become due and payable, then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when payment of such ground renta, taxea, asseaamenta, or instirance premiums shall be due, If at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness repreaented thereby, the mortgagee shall, in corn- puting the amount of such indebtedne88, credit ~ the account of the mortgagor all parments made under the provisions of (4) of paragraph 2 hereof WhiCh the mortgagee has not becomp. obhgated to pay to the Federal Housing Commiaaioner and any balance remaining in the funds accumulated under the provisions of (b) of said paragraph 2, If there shall be a default under any of the provisions of this mortgage, re- sulting in a public sale of the premisea covered hereby, or if the mortgagee acquires the property other- wise after default, the mortgagee shall apply, at the time of the commencement of such proceedings or 4t the time the property is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding as B. Credit against the amOl1nt of principal then remaining unpaid under said note and shall properly adjust any payments which shall have been made under (a) of said paragraph, 4, That he will pay all ta.'tes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefore, and in default thereof the mort- gagee may pay the same; and that he will promptly deliver the official receipts therefor to the n:ortgagee, 6. That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the event of the failure of the mortgagor to keep the buildings on saici premises and those to be erected on said premises, or improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion it mny deem necessary for the proper preservation thereof, and the full amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs, charges, and expenses, jncluding reasonable lawyer's fees, and costs of abstracts of title, incurred or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the agreements and covenants of said prom- issory no~ and this mortgage, and said costs, charges, and expenses shall be immediately due and pay- able and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured as may be required from time'to time by the mortgagee against loss by fire and other hazards, casualties, and contingencies in such amounts and for such periods as may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has not been made hereinbefore, All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each inaurance company concerned is hereby authorized and directed to make payment for such 1088 directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged, In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force shall paaa to the purchaser or grantee. 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court hav- ing juriadiction thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and l!ingular, including all and singular the income, profits, iasues, and ~venues from whatever source derived, each and every of which, it being expressly under- stood, i.s hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in an~'wise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inad- equacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendants, and that such rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such court, In the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reason- able monthly rental for the premises an amount at least equivalent to one-twelfth 012} of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual tax~l ,assessments, water rates, and insurance premiums for such year not covered by the aforesaid monuuy payments, 9. The mortgagor further covenants that should this mortl{,al{!! and the note secured hereby not be eligible for inaurance under the National Housing Act within 30 UA'i S from the date hereof (written statement of any officer of the Federal Housing Administration or authorized agent of the Federal Housing Commiasioner dated subsequent to the 30 DA'.'-.J time from the date of this mortgage, declining to insure said note and this mortgage, being deemed conclusive proof of such in- eliaibility), the mortgagee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payable. ' 10, That (4) in the event of any breach of this mortgage or default on t.lte part of the mortgagor, or (b) in the event that any of said swna of money herein referred to be not promptly and fully paid with- out demand or notice. or (c) in the event that each and every the stipulations, agreeQlents, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in either or any such event, the said apregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafUr, at the option of said mortgagee, aa fully and completely as if all of the said sums of money were originally atipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter" at the option of said mortgagee, without notice or demand, wit at law or in equity, may be Pl'OleCuted as if all money. secured hereby had matured prior to its insti- tution, The mortgagee may foreclose this mortPle, u to the amount 80 declared due and payable, and the.aid prerftiaea shall be sold to satisfy and pay the same together with costs;expense8, and allowances, In cue of partial fonclOlure of this mortgace, the mortgaged premiies shall be sold subject to the con- ti~~i~ lien ~f this mortgage for ~e amount of the debt not then dl;le a~d"u:npaid, In such case the pro- VlalODl of thia paragraph may ~n be availed. of thereafter from bme te;tlme by the mortgagee. 11, That the mortpror win give immediate notice by mail to the mortg~ of any conveyance, tranafer, or change of ownership of the premilel, 12. That no waiver of any eovenant herein or of the obligation secured hereby shall at any time thereafter be held to be a wiliver of the terma hereofOI'~t the note secured hereby, -